- Kingsgate Consolidated’s (KCN) subsidiary, Laguna Resources Chile, has received environmental impact assessment approval for the Nueva Esperanza Project in Chile
- For the last 18 months, Kingsgate has worked closely with environmental consultants, local Indigenous communities and the Chilean Government
- The company will now commence development, construction and operation activities at the Arqueros, Chimberos and Teterita deposits
- Kingsgate is particularly pleased that the rise in gold and silver prices has led to an increased interest in the Nueva Esperanza Project
- Company shares have risen 3.01 per cent and are trading for 42.8 cents each
Kingsgate Consolidated’s (KCN) subsidiary, Laguna Resources Chile, has been granted an environmental impact assessment approval for the Nueva Esperanza Project.
The Nueva Esperanza Gold-Silver Project is located in the Maricunga Gold Belt of the Atacama region in northern Chile. It comprises a number of well-defined deposits, including the Arqueros, Chimberos and Teterita deposits. It also hosts various undeveloped exploration targets.
The approval follows 18 months of detailed work that saw Kingsgate work closely with environmental consultants, local Indigenous communities and the Chilean Government.
Before the approval was officially granted, it was subject to a 15-day public comment period that resulted in no objections against the project.
Now that the company has received formal approval, it can commence pre-development, construction and operation activities at the Arqueros, Chimberos and Teterita deposits.
Kingsgate has also managed to negotiate an extension of a water supply agreement for the project to 2024.
“We are thrilled to receive this permitting approval, we’ve worked diligently to manage our cash flow to ensure we could deliver on this commitment, and the recent rise in commodity prices has made it all the sweeter,” Kingsgate Executive Chairman Ross Smyth-Kirk said.
Due to the rise of gold and silver prices, the Nueva Esperanza Project has garnered a renewed interest from various parties.
“This approval, combined with our water permit, means we have a valuable shovel-ready project in a very exciting district,” Ross added.
Company shares have risen 3.01 per cent and are trading for 42.8 cents each at 1:23 pm AEST.